![]() ![]() Because it’s categorized as a balance transfer card, it’s a solid option to use for transferring existing credit card balances over. Final ThoughtĪs you saw in the example above, my Chase Sapphire Reserve statement totaling $1,496 would cost me an extra $1,042 if I only paid the minimum payment and carried the balance forward for 8 years.The Chase Slate Credit Card is designed for consumers with high credit card balances in mind. However, you will be subject to fees (higher of $5 or 5% of the balance transferred). Note – If you are outside of the initial 60 days of card ownership you can still balance transfer to the Slate. Additionally, there will be no interest on the initial balance transfer for 15 months. Don’t just take my word for it (or do?), Credit Karma agrees that the Chase Slate is #1! The Chase Slate card allows you to balance transfer within the first 60 days without charge. The Chase Slate is the best balance transfer card on the market. What is a Balance Transfer? Exactly what it sounds like!īalance transfers allow you to literally move your amounts owed on a card to another card that offers more preferable interest rates.Įnter the Chase Slate! Chase Slate – the answer to your interest paying woes! Which is why you should consider a balance transfer! However, their crippling interest rates are NOT attractive. ![]() Travel rewards cards are attractive in that they provide the opportunity to earn valuable points and miles. “Gee thanks for the advice, but that doesn’t help me with my current balance!?”Īgreed! Those carrying a balance realize that it is seriously costing you, but paying off that balance is easier said than done! So, we move onto another possible solution… Solution #2 – Balance Transfer to 0% APR! Each purchase you make with a credit card has to be treated as though the funds are spent and out of your bank account. Don’t change your spending habits in the name of points and miles! You can change the way you pay for things but don’t spend more than you would if you were using the wad of cash that used to fill your wallet.Įmpty that piggy and pay them bills people! Credit cards are notorious for charging lofty interest rates on credit card balances that are not paid in full each month, and these interest fees typically cost more than the worth of the miles you earned. The points and miles that you earn will not be worth it if you carry a balance on your rewards credit card from month to month. Pay your balances in FULL, EVERY month – This is very important. $15,000 at that interest rate – YIKES! Come on people lets fix this money wasting problem! Solution #1 – Direct attention to the AYP Starter Guide: Meanwhile, the average APR on a credit card is now more than 16 percent.” “The average US household that has debt has more than $15,000 in credit card debt. I can think of several better ways to spend $1,000, can’t you?Īccording to the folks at Money Under 30 – My oh so unbelievably ridiculous CSR interest rate! My balance of $1,496 can either be paid in full by the due date of 11/27/16, or I can pay the minimum payment of $25.00 and pay over $1,000 more over the course of the next 8 years. Just look at this text on my latest Chase Sapphire Reserve monthly statement: Here is how Chase wants me to pay my monthly statement… Paying interest on high Annual Percentage Rate (APR) credit cards is a great way to waste all of your hard earned money. So easy that perhaps you spend that $4,000 in just one month – CRUSHED IT! But… what if you don’t exactly have $4,000 in the bank to pay off that credit card balance when the month ends? The Problem – Credit Card Interest Fees One of the most attractive features of the card is the MASSIVE sign-up bonus of 100,000 Chase Ultimate Rewards! What will 100,000 Ultimate Rewards get you? Well how does over $1,500 in travel sound? I mean who doesn’t want $1,500 in FREE travel!? Just spend $4,000 in 3 months and the points are yours! Easy enough right? This card is the bee’s knees, the cat’s pajamas, and is as cool as the other side of the pillow. In August Chase released a premium credit card called the Chase Sapphire Reserve.
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